MANAMA: Bahrain is among the top countries in attracting venture capital worth $52 million last year, an economic report revealed.

Venture capital investments in Bahrain increased by 167 per cent last year compared to the previous year, as startup funding in the Middle East rose by 138pc recording $2.5 billion.

A report issued by Magnitt, a company specialising in publishing data on startups and project investments across emerging markets, said the UAE ranked first in attracting venture capital worth $1.1bn, recording a growth of 93pc, followed by Saudi Arabia with $548m, recording a growth rate of 270pc, then Egypt with a value of $502m, an increase of 176pc.

In recent years, venture capital has played a significant role in improving economic, social and scientific life in many countries. GCC states have adopted venture capital investment as part of their strategy to diversify their economy and move away from dependence on crude oil revenues.

Venture capital investment is a form of financing that provides funds to early-stage startups with high growth potential, in exchange for property rights or equity.

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